The Indian Steel Association (ISA) has called on the government to look at the volatility in metallurgical coal prices, which it deems to be the main cause of global steel prices increasing over the past year.

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The figure accounted for 36.9 percent of the province's total imports and exports.

The labor-intensive iron and steel industry, as a symbol of the second industrial revolution, was often associated with images of workers toiling away in mills, sweat pouring down their faces.

They also said the industry has accelerated structural upgrades to pursue greener growth pathways.

India's finished steel exports in April fell to their lowest level in five months on weaker demand and increased competitiveness in the international market.

Indonesia's parliament this month approved a request from the government to increase energy subsidies because of rising commodity prices.